Supply chain is a critical part of every industry today, but it is not recognized by AI startups and vendors as compared to other industries, such as finance, healthcare, and retail. Various businesses are showing increased interest in AI technology, due to its ability to leverage huge amounts of data received by industrial logistics, transportation, and warehousing systems. Many leading firms globally are beginning to pay attention to AI for improving the efficiency of their supply chain systems.
Increasing need for big data analytics in the supply chain management is expected to drive the expansion of the global AI in supply chain market across the globe. Earlier supply chain management used operation research and statistics for optimizing the goals to match the demand and supply. Additionally, the development of big data analytics has brought new opportunities in the supply chain analytics to improve a business’ operational efficiency. Growing adoption of machine learning to make predictions and find insights in collected data will be anticipated to escalate the growth of AI in supply chain market globally. The use of machine learning in supply chain management helps in increasing customer service levels and customer preference for new products and services in order to optimize inventory levels and replacement plans. Furthermore, increasing demand for greater visibility and transparency in supply chain management is boosting the demand for AI in supply chain market. Remote sensing, connected devices, telematics, and vehicles together generate a massive amount of valuable data. Turning this data into valuable insights is one of the major challenges of organizations involved in the supply chain and logistics industry. In addition, difficulties in data integration from multiple sources might hinder the growth of the global AI in supply chain market. Nonetheless, improved customer service, cost saving, and improved security are the major advantages of cloud-based supply chain management solutions. Therefore, the cloud-based supply chain management solutions will gain traction for AI in supply chain market during the forecast period.
AI in supply chain market is segmented based on technology, application, vertical, and region. The technology segment includes machine learning, computer vision, natural language processing, and others. Among these technologies, the computer vision segment is expected to grow at the highest CAGR, as it helps the customers in controlling their inbound and outbound logistics. The application segment includes supply chain planning, warehouse management, virtual assistant, fleet management, risk management, and others. Among these applications, the warehouse management segment held the largest market share in the global AI in supply chain market in 2017. Increasing popularity of the warehouse execution systems (WES) software in warehouse management is anticipated to propel the growth of AI in supply chain market. Various verticals considered in this research study are automotive, manufacturing, healthcare, retail, food and beverages, and others. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, Asia Pacific is expected to have the highest CAGR in the global AI in supply chain market. Increased number of patents related to AI, especially in South Korea, is expected to drive the AI in supply chain market in the Asia Pacific region. According to Korea’s Institute for Information & Communications Technology Promotion, South Korea had the third most number of patents related to artificial intelligence after the U.S. and Japan from 2005 to 2017.
The key players profiled in the global AI in supply chain market include Intel Corporation, IBM, Nvidia, Xilinx, Inc., Samsung Electronics, Microsoft Corporation, Google Inc., SAP SE, Amazon, Oracle Corporation, Cisco Systems, and LLamasoft, Inc., among others.
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